05.01.202109:05 Forex Analysis & Reviews: Indicator analysis. Daily review for the EUR/USD currency pair on 05/01/2021

Yesterday, the pair again tested the upper fractal of 1.2309 (red dotted line) and unexpectedly worked out the bottom (62 points) on the news. But then the trend took its toll, and the daily candle closed with a white top. Today, the price may continue to move up. News on the market is expected at 8:55 UTC (Euro) and 15:00 UTC (Dollar).

Trend analysis (Figure 1).

Today, from the level of 1.2246 (the closing of yesterday's daily candle), the market will try to continue moving up with the target of 1.2309, which is the upper fractal (red dotted line), in the morning. After testing this level, the price can continue to work up with the goal of 1.2351 which is the upper limit of the Bollinger Line indicator (black dotted line).

Figure 1 (daily chart).

Comprehensive Analysis:

• Indicator Analysis – up
• Fibonacci Levels – up
• Volumes – up
• Candle Analysis – up
• Trend Analysis – up
• Bollinger Bands – up
• Weekly Chart – up

General Conclusion:

Today, from the level of 1.2246 (the closing of yesterday's daily candle), the market will try to continue moving up with the target of 1.2309, which is the upper fractal (red dotted line), in the morning. After testing this level, the price can continue to work up with the goal of 1.2351 which is the upper limit of the Bollinger Line indicator (black dotted line).

Alternative Scenario: After working up and reaching a pullback level of 85.4% at 1.2274 (yellow dotted line), work down with a target of 1.2106 which is a pullback level of 14.6% (red dotted line).